today reported first quarter revenues of $7,363,000 for the period
ended March 31, 1992 compared to $3,675,000 in the same period last
year. Net loss was $2,124,000, or $.15 per share, compared to a net
loss of $701,000, or $.06 per share, for the same period in 1991.

Compared to last year, overall revenues and expenses increased as a result of the acquisition of Soilserv, Inc. in August 1991, while contract revenue declined as a result of the expected conclusion of various research contracts.
"The increased net loss reflects the seasonality of our business, write-off of obsolete inventory and the refinement of manufacturing processes for the company's products," said James Glynn, executive vice president.
Selling, general and administrative costs increased as a result of the Soilserv transaction as well as the increased sales effort in launching Mycogen's MVP(R) and M-Trak(TM) bioinsecticides. Expenses for amortization of goodwill also increased due to the purchase of Soilserv.
Cash and marketable securities at the end of the first quarter totaled $72,789,000 or approximately $5.06 per share.
The company announced on April 23, 1992 that it had signed a non- binding letter of intent to form a partnership with the Lubrizol Corp. to acquire Lubrizol's Agrigenetics Co. division, in a transaction that would give Mycogen broader participation in the emerging biological crop protection industry.
Mycogen Corp. provides crop protection products and services. The Company develops, manufactures and markets environmentally compatible products based on naturally occurring agents to control insects, parasites, weeds and other pests. Mycogen develops its products through the application of genetic engineering techniques and innovative formulations.
MYCOGEN CORP.
Consolidated Statements of Operations
(In thousands except shares and per share amounts)
Three months ended
March 31,
1992 1991
(Unaudited)
Revenues:
Net operating revenues $4,788 $940
Contract revenue 778 1,336
Interest and other income 1,797 1,399
Total revenues 7,363 3,675
Costs and Expenses:
Cost of operating revenues 4,302 692
Research and development 2,200 2,299
Selling, general and administrative 2,652 1,309
Amortization of intangible assets
and other 333 76
Total costs and expenses 9,487 4,376
Net loss ($2,124) ($701)
Net loss per common share ($0.15) ($0.06)
Weighted average number of shares 14,364,593 11,747,027
MYCOGEN CORP.
Consolidated Balance Sheets
(In thousands)
March 31, Dec. 31,
1992 1991
(unaudited)
Assets:
Cash and short-term cash investments $72,789 $75,835
Other current assets 6,383 5,929
Net property, plant and equipment 15,638 15,882
Net intangible assets 15,061 15,008
Deposits and other assets 2,054 1,886
Total assets $111,925 $114,540
Liabilities and Stockholders' Equity:
Current liabilities $6,579 $7,529
Stockholders' equity 105,346 107,011
Total liabilities and stockholders'
equity $111,925 $114,540
-0- 4/24/92
/CONTACT: James R. Glynn, executive VP and CFO, or Marie C. Burke, investor relations, of Mycogen, 619-453-8030/
(MYCO) CO: Mycogen Corp. ST: California IN: MTC SU: ERN

KJ-JL -- SD001 -- 2279 04/24/92 08:33 EDT

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